Earlier this month, the Central Bank of Nigeria (CBN) gave order to all banks to process Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) within 48hrs. From this order, all commercial banks are mandated to attend to customer’s need for PTA and BTA within 48hrs. However, individuals need to know how to apply for PTA/BTA Transactions. The CBN gave this order in a circular to all banks signed by the Director, Financial Markets Developments, Mr. Alvan Ikoku.
The circular was titled “Update to Foreign Exchange Directives”. Part of the circular reads that “…Banks are mandated to process and meet the demand for travel allowances (PTA/BTA) by end-users within 24 hours of such application, as long as the end-users meet basic requirements already outlined in earlier directives; and banks are mandated to process and meet demands for school fees and medical bills within 48 hours of such application. ” Following this directive, we deemed it necessary to bring to you the steps on how to apply for PTA/BTA Transactions.
How To Apply For PTA/BTA Transactions
Here are the simple ways on how to apply for PTA/BTA transactions in commercial banks. They include:
- Approach your bank and requests for PTA/BTA transactions
- Next, provide all necessary document
- You must write a written application
- Furthermore, fill out the PTA/BTA form
- For PTA, bank uploads PTA form, Irrevocable bid form, valid visa, ticket, biodata page of International passport to global trade
- For BTA uploads PTA form, Irrevocable bid form, valid visa, ticket, biodata page of International passport, Certificate of Incorporation, Instruction to buy BTA on letter head to global trade
- Next, the bank opens a CASA account for customer. Account code will be advised (only for this purpose).
- Trade Standard Invisibles prints documents from portal
- Trade Standard Invisibles checks documents and if in order, advices branch to proceed otherwise rejects
- If documents is in order, branch debits customer’s naira account and credits the CASA account opened for the customer, endorses passport, pays customer and sends endorsement page to Trade Standard Invisible team
- Next, the bank debits the customer’s naira account and credits your CASA account.
- Branch disburses to customer
- If documents not in order, branch advises customer to provide correct and valid document
- Trade Standard Invisibles debits the CASA account and FX sales is done on Kastle
- Trade Standard Invisibles settles on Kastle and credits the branch’s GL with dollars/pounds
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Do you have any questions regarding the steps on how to apply for PTA/BTA transactions in Nigeria? We would be glad to attend to your challenges. Use the comment box below. Remember, sharing is caring. Thank you.